Green Dot Launches Secured Credit Card

Green Dot Launches Secured Credit Card

October 3, 2016         Written By Lynn Oldshue

Green Dot announced the launch of its first credit card, the Green Dot Platinum Visa Secured credit card.

The Center for Financial Services Innovation (CFSI) estimates that nearly 108 million Americans either do not have credit or have a low score that prevents them from qualifying for affordable credit. The Green Dot Secured credit card is geared toward these consumers.

The new secured card will have an interest rate of 19.99%, and an annual fee of $39. The credit lines will range from $200 to $5,000.

The card is backed by a security deposit at Green Dot Bank, so almost anyone can apply and be approved. No bank account is required, and customers can fund their security deposit with cash. Payments can be made at any of Green Dot’s nearly 100,000 retail locations, and positive payment performance will be reported to major credit bureaus, so cardholders can build a better credit history.

“The Green Dot Platinum Visa Secured Credit Card is just another way Green Dot Bank is helping to open the door to financial inclusion for millions of low and moderate income Americans,” said Lew Goodwin, President of Green Dot Bank.

Other card benefits include the ability to pre-qualify without impacting a consumer’s credit score and free online account management and bill pay.

The information contained within this article was accurate as of October 3, 2016. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


About Lynn Oldshue

Lynn Oldshue has written personal finance stories for for twelve years. She majored in public relations at Mississippi State University.
View all posts by Lynn Oldshue
Top Features : No Annual Fee; Cash Back match at the end of your first year; Social Security Alerts
Top Features : Good credit or bank account not required; initial security deposit can be as low as $200
Top Features : No annual fee; builds credit by reporting to major credit bureaus; initial security deposit can be as low as $200
Top Features : No annual fee; reports to major credit bureaus; access to higher credit line after making first 5 monthly payments on time
Top Features : Builds credit by reporting to all 3 major credit bureaus; low fixed 9.99% interest rate; no penalty rate
Top Features : Reports to all 3 major credit bureaus; no credit history or minimum score required for approval